Airgain (AIRG) Rating Lowered to Strong Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Airgain (NASDAQ:AIRG) from a hold rating to a strong sell rating in a research report sent to investors on Thursday morning, Zacks.com reports.

According to Zacks, “Airgain, Inc. is a provider of embedded antenna technologies. It offers antennas for the devices which are deployed in carrier, enterprise and residential wireless networks and systems, including set top boxes, access points, routers, gateways, media adapters and digital televisions. The company also offers residential wireless local area network or wireless fidelity to carriers, original equipment manufacturers, original design manufacturers and system designers. Airgain, Inc. is based in San Diego, United States. “

A number of other analysts also recently weighed in on AIRG. B. Riley increased their target price on shares of Airgain from $17.00 to $19.00 and gave the company a buy rating in a research report on Monday, March 18th. Northland Securities reissued a buy rating and set a $17.00 target price on shares of Airgain in a research report on Friday, May 10th. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average target price of $18.25.

NASDAQ:AIRG traded down $0.56 on Thursday, reaching $13.98. 1,341 shares of the stock traded hands, compared to its average volume of 169,073. The company has a market capitalization of $149.71 million, a PE ratio of -51.83 and a beta of 1.83. Airgain has a 1-year low of $7.85 and a 1-year high of $17.25.

Airgain (NASDAQ:AIRG) last released its earnings results on Thursday, May 9th. The technology company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). The firm had revenue of $15.10 million for the quarter, compared to analyst estimates of $15.04 million. Airgain had a negative net margin of 1.83% and a negative return on equity of 2.57%. The business’s revenue for the quarter was up 13.5% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.07) EPS.

In other news, President Jacob Suen sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 11th. The shares were sold at an average price of $15.00, for a total transaction of $45,000.00. Following the completion of the sale, the president now owns 46,121 shares of the company’s stock, valued at approximately $691,815. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Gen3 Capital Partners, Llc sold 4,964 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $12.77, for a total transaction of $63,390.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 53,964 shares of company stock valued at $717,751. Insiders own 8.40% of the company’s stock.

Several hedge funds have recently made changes to their positions in AIRG. Wells Fargo & Company MN acquired a new stake in Airgain in the 1st quarter valued at $29,000. O Shaughnessy Asset Management LLC acquired a new stake in Airgain in the 4th quarter valued at $75,000. State of Tennessee Treasury Department acquired a new stake in Airgain in the 1st quarter valued at $100,000. BerganKDV Wealth Management LLC acquired a new stake in Airgain in the 1st quarter valued at $128,000. Finally, BlueCrest Capital Management Ltd acquired a new stake in Airgain in the 1st quarter valued at $133,000. 35.35% of the stock is owned by institutional investors.

About Airgain

Airgain, Inc designs, develops, and engineers antenna products for original equipment and design manufacturers, chipset vendors, service providers, and value added resellers and distributors worldwide. Its products include MaxBeam embedded antennas; profile embedded antennas; profile contour embedded antennas; ultra-embedded antennas; OmniMax high performance external antennas; MaxBeam carrier class antennas; and SmartMax embedded antennas, as well as automotive, fleet, public safety, and M2M antennas.

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